Business
Veris Gold Corp. announces filing of final prospectus supplement
Toronto Stock Exchange: VG /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELE...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nToronto Stock Exchange: VG\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S.\n NEWSWIRE SERVICES/\n\n\nVANCOUVER, Nov. 28, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) announces it has filed on November 27, 2013 a final prospectus\n supplement in connection with its previously announced offering (the \"Offering\") of units (the \"Units\") and flow-through units (the \"Flow-Through Units\").\n\n\nThe Company will issue 8,488,780 Units at a price of C$0.405 which will\n be comprised of one common share of the Company (a \"Unit Share\") and one half of one common share purchase warrant (each whole\n warrant, a \"Warrant\"). Each Warrant will have an exercise price of C$0.50 and entitles the\n holder thereof to acquire one common share of the Company for a period\n of thirty-six (36) months following the closing of the Offering.\n\n\nThe Company will also issue 6,515,628 Flow-Through Units only in Canada\n at a price of C$0.43 which will be comprised of one common share of the\n Company which qualifies as a \"flow-through share\" within the meaning of\n the Income Tax Act (Canada) (the \"Flow-Through Shares\") and one-half of one Warrant.\n\n\nThe Offering is being conducted on a best efforts agency basis pursuant\n to an agency agreement among the Company and Secutor Capital Management\n Corporation (the \"Agent\"). The Company also granted the Agent an over-allotment option to\n purchase up to 2,250,661 securities comprising of additional Units and\n Flow-Through Units, to cover over-allocations, if any, and for market\n stabilization purposes, such over-allotment option exercisable for a\n period of 30-days from the closing of the Offering. The closing of the\n Offering is expected to occur on or about November 29, 2013 or such\n later date as the Company and the Agent may agree.\n\n\nThe Company intends to use the net proceeds of the Offering to (a) make\n payments under the forward gold purchase agreement to which the Company\n is a party, (b) upgrade and refurbish the dry mill equipment at its\n Jerritt Canyon mill operations, (c) complete the development of the\n underground mine facilities at the Saval 4 property, (d) fund\n exploration activities at the Company's Ketza River property from the\n gross proceeds from the sal...